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FormCRS

Alpaca Securities LLC is a registered broker-dealer providing self-directed brokerage services without offering investment recommendations or monitoring for suitability. The firm does not charge commissions but may impose transaction-based fees, and it earns revenue through Payment For Order Flow and other fees, which can create conflicts of interest. There are no legal or disciplinary issues associated with the firm or its professionals, and additional information can be found on their website.

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11 views

FormCRS

Alpaca Securities LLC is a registered broker-dealer providing self-directed brokerage services without offering investment recommendations or monitoring for suitability. The firm does not charge commissions but may impose transaction-based fees, and it earns revenue through Payment For Order Flow and other fees, which can create conflicts of interest. There are no legal or disciplinary issues associated with the firm or its professionals, and additional information can be found on their website.

Uploaded by

leorozardam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Alpaca Securities LLC

Customer Relationship Summary (Form CRS)

Item 1. Introduction
Alpaca Securities LLC (Alpaca) is a broker-dealer registered with the Securities and Exchange Commission (SEC). We are
a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation
(SIPC).

We are a broker-dealer and provide brokerage accounts and services rather than advisory accounts and services.
Brokerage and investment advisory services and fees differ, and it is important for you to understand these
differences. Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS,
which also provides educational materials about broker-dealers, investment advisers, and investing.

Item 2. Relationship and Services


What investment services and advice can you provide me?

Alpaca offers to retail investors brokerage services in a self-directed individual or business account. Trades are entered
either via Alpaca’s client dashboard, a client-created trading algorithm connected to Alpaca’s Application Programming
Interface (API), or an authorized business partner. We offer U.S. listed equity and ETF securities. We do not recommend
any investment products or trading strategies. Given that all trades are self-directed, we do not monitor your
investments for suitability. We will deliver account statements and trade confirmations to you in electronic form only.
We do not have a minimum account size or investment amount.

For additional information, please see alpaca.markets, or, if applicable, the platform provided by the
authorized business partner.

Item 3. Fees, Costs, Conflicts, and Standard of Conduct


What fees will I pay?

Any fee you pay is based on the specific transaction and not the value of your account. We do not charge a commission
for trades. Some investments (e.g. ETFs) impose additional fees that will reduce the value of your investment over time.
We may charge you additional fees, such as margin interest fees, stock borrow fees, and wire fees per our published fee
schedule. If your account is established via an authorized business partner, a different fee schedule may apply.

You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any
amount of money you make on your investments over time. Please make sure you understand what fees and costs
you are paying.

For additional information, please see Alpaca Securities Brokerage Fee Schedule, or, if applicable, the
platform provided by the authorized business partner.
What are your legal obligations to me when providing recommendations? How else does your firm make
money and what conflicts of interest do you have?

We do not provide recommendations. The way we make money creates some conflicts with your interests. You
should understand and ask us about these conflicts because they can affect the services we provide you. Here are
some examples to help you understand what this means.

When you buy or sell securities, Alpaca receives Payment For Order Flow (PFOF) from part or all of your transactions.
This PFOF is used, in all or in part, to offset the cost of providing services to you. Additionally, we make money on
stock borrow fees and earn interest on cash deposits and margin loans. Our interests can conflict with your interests.
We benefit from transactions executed on your behalf. When we provide services, we must eliminate these conflicts
or tell you about them and in some cases reduce them.

For additional information, please see alpaca.markets/disclosures, or, if applicable, the platform provided by
the authorized business partner.

How do your financial professionals make money?

Given that all clients are self-directed and that we do not make any recommendations, Alpaca does not employ
financial professionals in the traditional sense. We employ fully qualified licensed professionals in our operational
and compliance functions. Compensation is not based on commissions or fees of any kind.

Item 4. Disciplinary History


Do you or your financial professionals have legal or disciplinary history?

No. Visit Investor.gov/CRS or brokercheck.finra.org for free and simple search tools to research Alpaca and its
financial professionals.

Item 5. Additional Information


For additional information about our services, please refer to our website at alpaca.markets. If you would like
additional, up-to-date information or a copy of this disclosure, please email [email protected] or call
941-231-4093. If your account is established via an authorized business partner, you may contact them directly.
Exhibit A - Summary of Material Changes to Form CRS

1. Added language to incorporate references to authorized business partners.


2. Neither the Firm nor Financial Professional have a disclosure history.

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